0001178913-21-002767 | 6-K | XBRL Viewer

Document and Entity Information	6 Months Ended
Document and Entity Information	Jun. 30, 2021
Document And Entity Information [Abstract]
Entity Registrant Name	BioLineRx Ltd.
Entity Central Index Key	0001498403
Document Type	6-K
Document Period End Date	Jun. 30, 2021
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2021

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION (UNAUDITED) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
CURRENT ASSETS
Cash and cash equivalents	$ 17,484	$ 16,831
Short-term bank deposits	48,083	5,756
Prepaid expenses	837	152
Other receivables	668	141
Total current assets	67,072	22,880
NON-CURRENT ASSETS
Property and equipment, net	1,136	1,341
Right-of-use assets, net	1,415	1,355
Intangible assets, net	21,706	21,714
Total non-current assets	24,257	24,410
Total assets	91,329	47,290
CURRENT LIABILITIES
Current maturities of long-term loan	3,354	3,092
Accounts payable and accruals:
Trade	5,318	5,918
Other	1,071	1,440
Lease liabilities	174	191
Total current liabilities	9,917	10,641
NON-CURRENT LIABILITIES
Warrants	4,812	10,218
Long-term loan, net of current maturities	1,006	2,740
Lease liabilities	1,701	1,661
Total non-current liabilities	7,519	14,619
COMMITMENTS AND CONTINGENT LIABILITIES
Total liabilities	17,436	25,260
EQUITY
Ordinary shares	20,496	9,870
Share premium	335,887	279,241
Warrants	975	0
Capital reserve	12,972	12,322
Other comprehensive loss	(1,416)	(1,416)
Accumulated deficit	(295,021)	(277,987)
Total equity	73,893	22,030
Total liabilities and equity	$ 91,329	$ 47,290

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Profit or loss [abstract]
RESEARCH AND DEVELOPMENT EXPENSES	$ (5,139)	$ (4,640)	$ (9,417)	$ (10,062)
SALES AND MARKETING EXPENSES	(330)	(182)	(484)	(357)
GENERAL AND ADMINISTRATIVE EXPENSES	(1,044)	(744)	(2,061)	(1,987)
OPERATING LOSS	(6,513)	(5,566)	(11,962)	(12,406)
NON-OPERATING EXPENSES, NET	(217)	(843)	(4,778)	(374)
FINANCIAL INCOME	130	35	247	175
FINANCIAL EXPENSES	(242)	(396)	(541)	(810)
NET LOSS AND COMPREHENSIVE LOSS	$ (6,842)	$ (6,770)	$ (17,034)	$ (13,415)
LOSS PER ORDINARY SHARE - BASIC AND DILUTED	$ (0.01)	$ (0.03)	$ (0.03)	$ (0.07)
WEIGHTED AVERAGE NUMBER OF SHARES USED IN CALCULATION OF LOSS PER ORDINARY SHARE	669,138,994	220,317,889	614,780,845	198,277,447

CONDENSED INTERIM STATEMENTS OF CHANGES IN EQUITY (UNAUDITED) - USD ($) $ in Thousands	Ordinary shares [Member]	Share premium [Member]	Warrants [Member]	Capital reserve [Member]	Other comprehensive loss [Member]	Accumulated deficit [Member]	Total
BALANCE at Dec. 31, 2019	$ 4,692	$ 265,938	$ 0	$ 12,132	$ (1,416)	$ (247,966)	$ 33,380
CHANGES FOR
Issuance of share capital, net	3,581	4,754	0	0	0	0	8,335
Employee stock options exercised	8	224	0	(224)	0	0	8
Employee stock options forfeited and expired		191	0	(191)	0	0	0
Share-based compensation		0	0	922	0	0	922
Comprehensive loss for the period		0	0	0	0	(13,415)	(13,415)
BALANCE at Jun. 30, 2020	8,281	271,107	0	12,639	(1,416)	(261,381)	29,230
BALANCE at Mar. 31, 2020	4,907	267,140	0	12,488	(1,416)	(254,611)	28,508
CHANGES FOR
Issuance of share capital, net	3,373	3,859	0	0	0	0	7,232
Employee stock options exercised	1	20	0	(20)	0	0	1
Employee stock options forfeited and expired		88	0	(88)	0	0	0
Share-based compensation		0	0	259	0	0	259
Comprehensive loss for the period		0	0	0	0	(6,770)	(6,770)
BALANCE at Jun. 30, 2020	8,281	271,107	0	12,639	(1,416)	(261,381)	29,230
BALANCE at Dec. 31, 2020	9,870	279,241	0	12,322	(1,416)	(277,987)	22,030
CHANGES FOR
Issuance of share capital and warrants, net	8,386	37,495	975	0	0	0	46,856
Warrants exercised	2,235	18,967	0	0	0	0	21,202
Employee stock options exercised	5	41	0	(39)	0	0	7
Employee stock options forfeited and expired		143	0	(143)	0	0	0
Share-based compensation		0	0	832	0	0	832
Comprehensive loss for the period		0	0	0	0	(17,034)	(17,034)
BALANCE at Jun. 30, 2021	20,496	335,887	975	12,972	(1,416)	(295,021)	73,893
BALANCE at Mar. 31, 2021	18,731	321,920	975	12,616	(1,416)	(288,179)	64,647
CHANGES FOR
Issuance of share capital, net	1,581	12,516	0	0	0	0	14,097
Warrants exercised	184	1,444	0	0	0	0	1,628
Employee stock options exercised		3	0	(1)	0	0	2
Employee stock options forfeited and expired		4	0	(4)	0	0	0
Share-based compensation		0	0	361	0	0	361
Comprehensive loss for the period		0	0	0	0	(6,842)	(6,842)
BALANCE at Jun. 30, 2021	$ 20,496	$ 335,887	$ 975	$ 12,972	$ (1,416)	$ (295,021)	$ 73,893

- Definition

The amount of residual interest in the assets of the entity after deducting all its liabilities.

+ References + Details

- Definition

The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income]

+ References

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+ Details

CONDENSED CONSOLIDATED INTERIM CASH FLOW STATEMENTS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
CASH FLOWS - OPERATING ACTIVITIES
Comprehensive loss for the period	$ (17,034)	$ (13,415)
Adjustments required to reflect net cash used in operating activities (see appendix below)	3,977	1,112
Net cash used in operating activities	(13,057)	(12,303)
CASH FLOWS - INVESTING ACTIVITIES
Investments in short-term deposits	(58,000)	(23,751)
Maturities of short-term deposits	15,776	24,335
Purchase of property and equipment	(38)	(1)
Net cash provided by (used in) investing activities	(42,262)	583
CASH FLOWS - FINANCING ACTIVITIES
Issuance of share capital and warrants, net of issuance costs	46,856	13,411
Exercise of warrants	10,907	0
Employee stock options exercised	7	8
Repayments of loans	(1,648)	(1,331)
Repayments of lease liabilities	(122)	(121)
Net cash provided by financing activities	56,000	11,967
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	681	247
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD	16,831	5,297
EXCHANGE DIFFERENCES ON CASH AND CASH EQUIVALENTS	(28)	(21)
CASH AND CASH EQUIVALENTS - END OF PERIOD	17,484	5,523
Income and expenses not involving cash flows:
Depreciation and amortization	362	533
Exchange differences on cash and cash equivalents	28	21
Fair value adjustments of warrants	4,889	(250)
Share-based compensation	832	922
Warrant issuance costs	0	593
Interest and exchange differences on short-term deposits	(103)	(171)
Interest on loans	176	36
Exchange differences on lease liability	(26)	(8)
Total income and expense not involving cash flows	6,158	1,676
Changes in operating asset and liability items:
Increase in prepaid expenses and other receivables	(1,212)	(146)
Decrease in accounts payable and accruals	(969)	(418)
Total Change in operating asset and liability	(2,181)	(564)
Total Adjustments required to reflect net cash used in operating acivities	3,977	1,112
Supplemental information on interest received in cash	39	300
Supplemental information on interest paid in cash	350	534
Supplemental information on non-cash transactions:
Acquisition of right-of-use asset	171	0
Exercise of warrants (portion related to accumulated fair value adjustments)	$ 10,295	$ 0

GENERAL INFORMATION

6 Months Ended

Jun. 30, 2021

Disclosure of general information [Abstract]

GENERAL INFORMATION

NOTE 1 – GENERAL INFORMATION

General

BioLineRx Ltd. (“BioLineRx”), headquartered in Modi’in, Israel, was incorporated and commenced operations in April 2003. BioLineRx and its subsidiaries (collectively, the “Company”) are engaged in the development of therapeutics, primarily in clinical stages, with a focus on the field of oncology.

The Company’s American Depositary Shares (“ADSs”) are traded on the NASDAQ Capital Market, and its ordinary shares are traded on the Tel Aviv Stock Exchange (“TASE”). Each ADS represents 15 ordinary shares.

In March 2017, the Company acquired Agalimmune Ltd. (“Agalimmune”), a privately held company incorporated in the United Kingdom, with a focus on the field of immuno-oncology.

Although the Company has succeeded in generating significant revenues from a number of out-licensing transactions in the past, it cannot determine with reasonable certainty if and when it will become profitable on a current basis. Management believes that the Company’s current cash and other resources will be sufficient to fund its projected cash requirements into the first half of 2024. However, in the event that the Company does not begin to generate sustainable cash flows from its operating activities in the future, the Company will need to carry out significant cost reductions or raise additional funding.

Approval of financial statements

The condensed consolidated interim financial statements of the Company as of June 30, 2021, and for the six months then ended, were approved by the Board of Directors on August 15, 2021, and signed on its behalf by the Chairman of the Board, the Chief Executive Officer and the Chief Financial Officer.

BASIS OF PREPARATION	6 Months Ended
BASIS OF PREPARATION	Jun. 30, 2021
Disclosure of basis of preparation [Abstract]
BASIS OF PREPARATION	NOTE 2 – BASIS OF PREPARATION The Company’s condensed consolidated interim financial statements as of June 30, 2021 and for the three and six months then ended (the “interim financial statements”) have been prepared in accordance with International Accounting Standard No. 34, “Interim Financial Reporting” (“IAS 34”). These interim financial statements, which are unaudited, do not include all disclosures necessary for a fair statement of financial position, results of operations, and cash flows in conformity with International Financial Reporting Standards (“IFRS”). The condensed consolidated interim financial statements should be read in conjunction with the Company’s annual financial statements as of December 31, 2020 and for the year then ended and their accompanying notes, which have been prepared in accordance with IFRS. The results of operations for the three and six months ended June 30, 2021 are not necessarily indicative of the results that may be expected for the entire fiscal year or for any other interim period. The preparation of financial statements in conformity with IFRS requires management to make estimates, judgments and assumptions that may affect the reported amounts of assets, liabilities, equity and expenses, as well as the related disclosures of contingent assets and liabilities, in the process of applying the Company’s accounting policies. These inputs also consider, among other things, the implications of the COVID-19 pandemic on the Company’s activities, and the resultant effects on critical and significant accounting estimates, most significantly in relation to the value of intangible assets. The COVID-19 pandemic has spread to many countries throughout the world, including to the United States, Europe and Israel, where the Company currently manufactures its therapeutic candidates and conducts its clinical trials. The Company has previously experienced some recruitment delays from the deepening and extended impact of COVID-19 on its clinical trials; however, at present, the Company does not believe these delays will significantly impact its clinical development plans. Future developments related to COVID-19 are highly uncertain, including as a result of new information that may emerge concerning COVID-19 and the actions taken to contain or treat it, as well as its overall economic impact, and more specifically its effects on the financial markets. All estimates made by the Company related to the impact of COVID-19 in its financial statements may change in future periods. Actual results could differ from those estimates.

SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
SIGNIFICANT ACCOUNTING POLICIES	Jun. 30, 2021
Disclosure of significant accounting policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	NOTE 3 – SIGNIFICANT ACCOUNTING POLICIES The accounting policies and calculation methods applied in the preparation of these interim financial statements are consistent with those applied in the preparation of the annual financial statements as of December 31, 2020 and for the year then ended.

AT-THE-MARKET (ATM) SALES AGREEMENT WITH BTIG	6 Months Ended
AT-THE-MARKET (ATM) SALES AGREEMENT WITH BTIG	Jun. 30, 2021
Disclosure Of Issuances Of Share Capital [Abstract]
AT-THE-MARKET ("ATM") SALES AGREEMENT WITH BTIG	NOTE 4 – AT-THE-MARKET (“ATM”) SALES AGREEMENT WITH HCW In September 2020, the Company entered into an ATM sales agreement with H.C. Wainwright & Co., LLC (“HCW”), pursuant to which the Company is entitled, at its sole discretion, to offer and sell through HCW, acting as sales agent, ADSs having an aggregate offering price of up to $25.0 million throughout the period during which the ATM facility remains in effect. The Company agreed to pay HCW a commission of 3.0% of the gross proceeds from the sale of ADSs under the facility. During the six months period ended June 30, 2021, the Company issued a total of 3,920,539 ADSs for total gross proceeds of $16.0 million. From the effective date of the agreement through the issuance date of this report, 7,381,101 ADSs were sold under the program for total gross proceeds of approximately $24.5 million, leaving an available balance under the facility of approximately $0.5 million as of the issuance date of this report.

UNDERWRITTEN PUBLIC OFFERING	6 Months Ended
UNDERWRITTEN PUBLIC OFFERING	Jun. 30, 2021
Disclosure of classes of share capital [abstract]
FINANCINGS	NOTE 5 – UNDERWRITTEN PUBLIC OFFERING In January 2021, the Company completed an underwritten public offering of 14,375,000 of its ADSs at a public offering price of $2.40 per ADS. The offering raised total gross proceeds of $34.5 million, with net proceeds of $31.4 million after deducting fees and expenses. In addition, warrants to purchase 718,750 ADSs were granted to the underwriters. These warrants are exercisable immediately, expire five years from the date of issuance and have an exercise price of $3.00 per ADS. The warrants have been classified as shareholders’ equity, with initial recognition at fair value on the date issued. The total issuance costs initially allocated to the warrants were recorded as an offset to share premium. The fair value of the warrants on the issuance date was approximately $1.0 million, which was recorded as issuance costs, and computed using the Black and Scholes option pricing model, based upon the then current price of an ADS, a risk-free interest rate of approximately 0.45% and an average standard deviation of approximately 73.8%.

SHAREHOLDERS' EQUITY

6 Months Ended

Jun. 30, 2021

Disclosure of classes of share capital [abstract]

SHAREHOLDERS' EQUITY

NOTE 6 – SHAREHOLDERS’ EQUITY

As of December 31, 2020 and June 30, 2021, share capital is composed of ordinary shares, as follows:

	Number of ordinary shares
	December 31,		June 30,
	2020		2021

Authorized share capital		1,500,000,000		1,500,000,000

Issued and paid-up share capital		349,169,545		696,748,668

	In USD and NIS
	December 31,		June 30,
	2020		2021

Authorized share capital (in NIS)		150,000,000		150,000,000

Issued and paid-up share capital (in NIS)		34,916,955		69,674,867

Issued and paid-up share capital (in USD)		9,869,795		20,496,207

AT-THE-MARKET (ATM) SALES AGREEMENT WITH BTIG (Narrative) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Sep. 30, 2020
Disclosure of terms and conditions of share-based payment arrangement [line items]
Proceeds from shares issued	$ 46,856	$ 13,411
HCW [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Aggregate offering price			$ 25,000
Percentage of commission on sales agreement			3.00%
Number of shares issued	3,920,539
Gross proceeds from issuing shares	$ 16,000
Share purchase agreement, shares	7,381,101
Proceeds from shares issued	$ 24,500
Available balance under the facility	$ 500

UNDERWRITTEN PUBLIC OFFERING (Narrative) (Details) $ / shares in Units, $ in Millions	1 Months Ended
	Jan. 31, 2021 USD ($) $ / shares shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Underwritten public offering \| shares	14,375,000
Public offering price \| $ / shares	$ 2.40
Underwriter placement fee \| shares	718,750
Proceeds from public offering, gross	$ 34.5
Proceeds from public offering, net	31.4
Fair value of warrants	$ 1.0
Risk-free interest rate (%)	0.45%
Average standard deviation	73.80%
Warrants [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price of shares issued \| $ / shares	$ 3.00

SHAREHOLDERS' EQUITY (Schedule of Share Capital) (Details) ₪ in Thousands, $ in Thousands	Jun. 30, 2021 ILS (₪) shares	Jun. 30, 2021 USD ($) shares	Dec. 31, 2020 ILS (₪) shares	Dec. 31, 2020 USD ($) shares
Number of Ordinary Shares
Authorized share capital \| shares	1,500,000,000	1,500,000,000	1,500,000,000	1,500,000,000
Issued and paid-up share capital \| shares	696,748,668	696,748,668	349,169,545	349,169,545
Issued and paid-up share capital \| $		$ 20,496,207		$ 9,869,795
NIS [Member]
Number of Ordinary Shares
Authorized share capital \| ₪	₪ 150,000,000		₪ 150,000,000
Issued and paid-up share capital \| ₪	₪ 69,674,867		₪ 34,916,955